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MI New Economy tour stops in Grand Rapids

State officials met today with local business, workforce development and community leaders in Grand Rapids to discuss the ways Michigan can achieve the goals laid out in Gov. Whitmer's MI New Economy Plan. The event is part of a statewide tour designed to bring stakeholders together to discuss a comprehensive strategy to utilize American Rescue Plan funds to support small businesses, grow the middle class and invest in our communities.

"We have a strong commitment to carrying out the governor's economic vision that tackles structural challenges in an effort to grow Michigan's economy, create good-paying jobs and build industries of the future," said Susan Corbin, director of the Michigan Department of Labor and Economic Opportunity (LEO). "It is critical that we work together and hear from a diverse set of voices throughout the state, so that we can continue our economic recovery and build Michigan back better."

The goal of these events is to share the governor's vision with key stakeholders and thought leaders and highlight local projects that demonstrate how the MI New Economy plan can move the state's economy forward.

The Grand Rapids stop of the tour included presentations from LEO and an open discussion with other local leaders to highlight their initiatives - current and on the horizon - that align with the MI New Economy plan.

"Workforce development, small business growth and affordable housing investments are all connected and necessary to advance Michigan's economy," said Jeremy DeRoo, CEO, Dwelling Place of Grand Rapids. "Growing these in a coordinated effort that aligns with the work local partners are already doing will allow Michigan to emerge stronger than before the crisis."

Last month, Gov. Whitmer detailed her economic agenda, including the unveiling of the three pillars of her $2.1 billion MI New Economy plan with specific and ambitious goals that will help state officials track progress on efforts to build a stronger and more resilient Michigan. The governor's vision features three central pillars focused on economic development, workforce and community investment.

Pillar 1: Grow the Middle Class - No economic vision for the state can be complete if it doesn't focus on eliminating poverty and lifting families into the middle class. 

  • Goal: 60% of adults with a postsecondary credential by 2030  
  • Goal: Lift 100,000 families out of working poverty during the next five years (FY22-FY26)  
  • Goal: Provide access to low or no cost childcare for 150,000 more families by 2024  

Pillar 2: Support Small Business - To supplement the great economic development work our state already does, Michigan needs a focus on creating and growing more Main Street businesses. 

  • Goal: Top 10 state for small business job growth and revenue growth from 2022 to 2026  
  • Goal: Top 10 state for household income growth during the next five years (FY22-FY26)  
  • Goal: Top 10 state for growth in venture capital funding over the next five years (2022-2026)  

Pillar 3: Build Strong Communities - Michigan's residents deserve to live in vibrant communities with the kinds of services and amenities associated with a high standard of living. 

  • Goal: 100% access to high-speed internet and 95% adoption by households during the next five years, while continually investing in higher quality access (FY22-FY26)  
  • Goal: 75,000 new or rehabilitated housing units in five years (FY22-FY26) 

Additional stops of the MI New Economy Tour are being planned for many communities across Michigan.

To learn more about the MI New Economy plan, the state's economic and workforce challenges and successes the state has seen to date, visit www.michigan.gov/MINewEconomy.